Several studies show that a cashless society is within reach for the UAE, as 52% of UAE citizens, compared to 41% globally, intend to go cashless by 2024. Almost a third of consumers in the UAE are expected to continue using digital payments and thus benefit from a cashless society, according to the 2022 Back to Business Global Study by Visa.
From the data collected from adults 18 and older in the aforementioned countries, it appears that the consensus outlook for 2022 is one of optimism in these countries with a desire to digitize even more. Additionally, consumers in Dubai, Brazil, and the U.S. intend to support small businesses by going cashless.
Approximately 7 out of 10 small businesses in the UAE (and 59% globally) have already gone cashless or plan to do so by 2024, according to the study, which reached 2,250 small business owners with 100 or more employees. As well, these businesses plan to accept Bitcoin and other cryptocurrencies by 2022. In the UAE, almost two-thirds of consumers (and 41% globally) rely upon cashless payments during the pandemic, so this move is considered to be fundamental to the growth of the business.
A large number of small and mid-sized businesses in the UAE used e-commerce to conduct business during the tough years, costing about 58% of their annual revenue. As well as these findings, nearly 93% of small businesses in the country are optimistic about their future, with consumers finding digital payments more convenient, particularly for international transactions.
In the UAE, almost four out of five small businesses (86%, compared to 74% globally) expect consumers to prefer contactless payments as much, or more, than they do right now - even when the vaccine is widely available. SMBs have adjusted their business processes nearly all (97% versus 82% globally). UAE consumers say that they will go cashless in a higher percentage than what owners expect (77%). Over nine out of ten (94%, compared to 82% globally) are upbeat about their business's future. Contactless payments are used by two-thirds (62%) of UAE consumers.
The UAE consumers are far more likely to avoid any stores that don't accept contactless payments than any other market (74%, compared to 47% globally). Consumers in the UAE are most likely of all markets to keep their credit card clean (96%, compared to 61% globally). UAE consumers are more concerned about fraud than those in any other market surveyed (90% compared to 82% globally) when it comes to new shopping measures to protect their health.
In the UAE as in all other countries, companies are adopting new ways of doing business and transforming their ways. It is crucial to take into account the market trends and tendencies before you begin a business in the country. Our experienced staff at Startup zone Business Setup will assist you in all questions regarding going cashless in the UAE, its importance, and limitations.You can reach us at info@startupzone.ae or Tel: +97145891444 if you have any questions.
